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Global Economic, Commodities, Scrap Metal, and Recycling Report

May 17, 2021

This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Lugger Truck, May 17th, 2021.

weekly tonnage of raw steel production

U.S. Weekly crude steel production fell to 1.774 Million tons as the steel mill utilization fell to about 78.7%. Steel mills are limiting production despite growing demand.

Crude Oil

WTI Crude oil price rose to $65.51/b, on shortage fears due to the Colonial pipeline outage. OPEC and OPEC+ countries are increasing output, but, demand could outstrip supply after the pandemic.

Oil Rig Count

The U.S. Weekly Oil rig count rose to 352, still down 78.1% from 2014’s high. Demand growth continues, but low production in the U.S. and OPEC is bringing higher prices.

AMM Weekly Heavy Melt

Scrap steel #1 HMS price settled at $413.33/GT, with upward price pressure for June on increasing demand.

Hot Roll Coil Steel

Hot roll coil steel price rose to $76.61/cwt., hitting a new record during the week. Good demand and limited production is raising prices.

Copper

Copper price fell to $4.66/lb., hitting a record during the week. Surging U.S. inflation concerned investors. Transition to a carbon free world is supporting high prices.

Aluminum

Aluminum price fell to $1.10/lb., which is $2,424/metric ton, near a multiyear high. Prices are still high on strong demand. China is the #1 global producer of Aluminum. There are concerns about China’s production cuts to support climate change problems.

Eurozone’s April Industrial Production

Eurozone’s April Industrial Production. Eurozone’s economy is about the size of the U.S. Their production rose .1% vs. March, below expectations. Nondurable consumer goods rose and durable goods fell.

U.S. April Open Jobs Report

U.S. April Open jobs report. Rose to 8.123M, the highest since the report started in 2000. Most jobs were open in Hotel/Food services and Education and Arts/Entertainment.

U.S. April Consumer Inflation

U.S. April Consumer Inflation soared 4.2%, the highest since 2008. Gasoline, Fuel Oil and used cars and trucks rose the most. Core inflation which excludes food and energy rose to 3%, the highest since 1996.

U.S. April Total Industrial Production

U.S. April total industrial production, fell .7% from March. Manufacturing output, mining, utilities rose and motor vehicle assembly fell due to the semiconductor shortage.

U.S. April Retail Sales Excluding Automotive

U.S. April Retail sales, excluding automotive, which is a better economic indicator. Sales fell .8% from March, below the 1% forecast. Clothing and General Merchandise fell and food services/bars and electronics rose.

U.S. May U of M Consumer Sentiment Survey

U.S. May University of Michigan consumer sentiment Survey, fell to 82.8, well below forecasts and the preliminary estimate. One year inflation expectation surged to 4.6% and consumers are still expecting a booming economy.

Dow Jones

Wall Street’s Dow Jones Industrial Average fell 396 points to 34,382 points, remaining near the record high. It fell hard during the week on inflation fears, but the recovered on disappointing retail sales which could dampen inflation.

SuperMini

Need a new roll off truck? Save $150,000 literally. Buy at BENLEE or rent at Premier a new Super Mini trailer. Almost as short as a truck, and carries more weight legally. A good driver can get it into a tighter spot than a truck.

As always, feel free to call, or email me with any questions and we hope all have a safe and profitable week.

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